SBI Funds Management IPO Oversubscribed on Second Day of Bidding

MT Newswires Live

07/15

SBI Funds Management's initial public offering was oversubscribed on the second day of bidding, with investors placing bids for 162.5 million shares against 124.6 million shares on offer, exchange data showed.

Non-institutional investors led demand with bids for 86.1 million shares against a quota of 23.2 million shares, while retail investors bid for 41.1 million shares against 54.1 million shares reserved for the category. Qualified institutional buyers subscribed for 8.2 million shares against their 30.9 million share quota.

The IPO opened on July 14 and will close on July 16, with shares expected to begin trading on July 21.

SBI Funds Management is a joint venture between State Bank of India (NSE:SBIN, BOM:500112) and Amundi.

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